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myGate raises Rs 65 crore in funding led by Prime Venture Partners

Press Trust of India  |  New Delhi 

Mobile-based security management solutions provider said it has raised Rs 65 crore in funding led by existing investor

myGate is a mobile-app-based system that allows gated communities to manage operations at the entry and exit gates. Using the platform, all visitor entries and exits are logged digitally, with complete visibility and control of the resident.

It has been implemented across over 1,000 gated communities in Bengaluru, and will use the funds to accelerate expansion into cities like Chennai, and Delhi-NCR, a statement said.

"Technology is pervasive and it was only a matter of time for the security at gated communities to be transformed using ... (we) will use the funds to invest in technology to further enhance our... solutions," myGate said.

The statement said myGate is on a rapid expansion mode in "10 cities including Chennai, and and is targeting 10X growth in 2019".

In January, myGate had raised Rs 16 crore led by

Current security process relies on conventional "man-guarding", where visitors write in their details and landline telephones are used to keep a tab on the external footfall.

According to Grant Thornton report, the security services market in is a USD 6 billion industry, of which the gated-premise security market, comprising manual guards and security equipment, is estimated at USD 2 billion.

The statement said over 25,000 guards are now well-versed to use myGate

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 15 2018. 16:10 IST